Financing secured for 100 MW of utility-scale PV in Argentina

A subsidiary of the Interamerican Development Bank (IDB) is ready to finance 100 MW of solar PV project in Jujuy Province, Argentina, according to a press release by the provincial government.

Jujuy Governor Gerardo Rubén Morales agreed to this financing with the Interamerican Investment Corporation (CII) General Manager James Scriven during a meeting this week, according to the release.

These PV projects will be approved through an auction process. CII is prepared to provide a portion of the capital for solar energy projects which JEMSE approves in the auction for 100 MW of energy, confirmed Governor Rubén Morales.

Jujuy Province is located in the extreme Northeast of Argentina and offers excellent natural conditions for solar. To date no utility-scale PV projects have been built in Jujuy.

In February, Argentinas President Mauricio Macri announced plans for a large PV project in the region during a visit to the province. During the same month, the government of Jujuy Province announced plans for a 600 MW PV project in collaboration with Chinese companies.

During events including Bloomberg New Energy Finances Future of Energy Summit in New York City last month, the administration of President Macri has stressed its work to develop a policy framework to support rapid and large-scale deployment of solar PV and other renewables.

The Macri administration has also emphasized its eagerness to work with foreign capital, in an attempt to overcome the reputation of dangerous business environment in the nation established under the previous Kirchener Administration.

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